Cork TDs say 'unsustainable' rental costs are now out of control

Cork TDs have criticised “unsustainable” rental costs, as figures show rents in Cork city rose by 10% during 2024.

Nationally, rents rose by an average of 5.7% during 2024, according to a Daft.ie report, which also shows that rents in both Cork city and county have risen by almost 50% compared to pre-covid levels.

Market rents in Munster rose 8.2% year-on-year, with roughly 360 homes available to rent on February 1, down 10% compared to 12 months earlier, and a little over one third of the late 2010s average.

In Cork city, the average rent is now €2,097. The average rent for one-bed apartments is up 9% to €1,358; two-beds increased 11.1% to €1,663; a three-bed rose 6.1% to €1,942; four-bed is up 1.6% to €2,364, and rent for a five-bed house increased 18.1% to €2,798.

Higher

In the rest of Cork, market rents were, on average, 6.1% higher in the final three months of 2024 than a year previously. The average listed rent is now €1,555, up 49% from the level prevailing when the covid pandemic occurred.

In Cork county, rents also increased for each type of home. Rent for one-bed apartments rose 5.3% and is now €1,041; a two-bed increased 6.1% to €1,223; a three-bed rose 4.3% to €1,421; a four-bed is up 7.2% to €1,659, and rent for a five-bed house increased 4.1% to €1,734.

The report also looks at average prices to rent a room in a house.

It found that a single bedroom in Cork city centre decreased 0.6% year-on-year to €620, but the price for a double bedroom rose by 3.9% to €751.

Increased

Prices in other areas all increased — in Cork city suburbs, a single bedroom now costs an average of €620 while a double bedroom costs €701, increases of 4.4% and 4.5%, respectively. In Cork commuter towns, prices are up by 3.5% to €597 for a single room, and 4.7% to €686 for a double room.

Opposition parties have criticised the Government for the continually increasing costs, with Social Democrats TD Pádraig Rice saying: “For most earners, this level of rent is simply unsustainable. Yet despite this crisis, the Government wants rents to go even higher to suit investor funds.”

Sinn Féin TD Thomas Gould said that, compared to the fourth quarter of 2019, “renters in Cork are now paying €8,500 more a year.”

Lost control

He added: “The Government has lost any control of the private rental sector.

“Rents for a two-bedroom home in Cork city are now over €700 higher than a mortgage for a similar property.

“The lack of supply and growing rents are making a difficult situation so much worse for those facing eviction or those who may want to move out of the back bedroom.

“The reality is that this is no longer possible for the vast majority of young people.”